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Posted: September 6, 2016
USA Niagara Development Corp. issues Request for Proposals for historic redevelopment
Hotel Niagara, 201 Rainbow Blvd. - Niagara Falls, NYNiagara Falls, NY According to USA Niagara Development Corp., (USAN) it has issued a Request for Proposals (RFP) for qualified developers for redevelopment of a key historic building downtown. The Hotel Niagara is the oldest standing hotel in Niagara Falls and retains much of the architectural integrity that once made it an iconic piece of the city’s skyline. The property, which was recently acquired by USAN to facilitate its restoration and reuse, is located at 201 Rainbow Blvd.
The property offers several benefits to potential developers, including eligibility for both federal and state historic tax credits and its location adjacent to the USAN-owned Conference & Events Center Niagara Falls, Old Falls Street and Niagara Falls State Park. The overall restoration/reuse costs of the Hotel Niagara are expected to be in the $20 million range. The property is listed in the National Register of Historic Places, which makes it eligible for Historic Tax Credits (HTCs). While the value of the HTCs would be unique to a particular restoration/reuse scheme for the property, an advanced program prior to acquisition of the property by USAN estimated the HTCs for that program to be valued at minimum of $5 million.
The RFP and additional information is available at the New York State Contract Reporter website. Responses are due at 4 p.m. on October 14, 2016.
https://www.nyscr.ny.gov/login.cfm?page=/agency/adsView.cfm?numID=2025961 (Note: you will need to register for a free account).
Built in 1924, the 12-story Hotel Niagara was among the city’s finest lodging and banquet establishments, and it is now listed on the National Register of Historic Places. It has long held a prominent spot in the downtown Niagara Falls skyline but after decades of deferred maintenance, neglect and multiple changes in ownership, the property has declined to a low budget, limited service hotel property that has been closed since 2007.
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